SBI Ripple Asia’s Blockchain-Powered MoneyTap App Goes Live In Japan

Formed in 2016, SBI Ripple Asia is the Asia-Pacific partnership of Japanese financial services company SBI Holdings and blockchain startup Ripple. It manages a consortium of more than 60 Japanese banks who leverage Ripple’s enterprise blockchain technology for instant payments and settlement.

Announced earlier this year, MoneyTap is a smartphone app that enables real-time, round-the-year domestic money transfers between bank accounts using xCurrent, Ripple’s blockchain-like system that allows users to make transactions in different currencies globally. The app reduces the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan.

After getting a license from the Kantou bureau of Japan’s Ministry of Finance last month, MoneyTap has finally gone live in the country. Currently, MoneyTap is live with three participating Japanese banks – SBI Net Sumishin Bank, Suruga Bank and Resona Bank. This will be followed by a staggered roll out to the remaining 58 banks in the SBI Ripple Asia-led consortium.

MoneyTap has a maximum transfer amount of ¥30,000 ($262 US) per transaction and a ceiling of ¥100,000 ($875 USD) per day. Transfers can be made via a mobile phone number, QR code or bank account number. According to the app’s website, it utilizes various authentication measures such as fingerprint scanning to ensure secure access for users.